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How To Buy Life Insurance During COVID-19 Pandemic


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Written ByPalak Bagadia
AboutPalak Bagadia
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Palak Bagadia, Associate – Digital Marketing at Bajaj Allianz Life, with experience spanning content and performance marketing, recruitment, employee engagement in the BFSI industry.
Reviewed ByRituraj Singh
AboutRituraj Singh
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Rituraj Singh,With over 6.5 years of experience in the insurance industry, Rituraj Singh, Manager- Product & Brand Marketing at Bajaj Allianz Life Insurance overlooks new product launches, compliance, and brand projects, leveraging artificial intelligence and technology to enhance outcomes.
Written on: 7th July 2024
Modified on: 7th July 2024
Reading Time: 15 Mins

Coronavirus pandemic and the resulting lockdown details[1]


The COVID-19 pandemic has left the entire world in shock. As the disease started spreading relentlessly, moving from one country to the other, their ever-bustling economies froze. Although the spread of the coronavirus in India came about a little late, we are still one of the most badly affected nations in the globe.

In spite of the government’s quick reaction to this deadly pandemic, the virus continues to spread throughout the nation, showing no signs of slowdown. As a measure to dampen the impact of the virus, the Indian government announced a set of nationwide lockdowns starting from March 25, 2020.

The first round of the lockdown lasted for around 21 days and brought a nation of almost 1.3 billion people to a standstill. Factories, manufacturing facilities, and retail shops were shut down, movement of people was severely restricted, and a ban on social gatherings was enforced. Right around the completion of the 21-day lockdown period, the government extended it for three more times. First by 19 days, then by 14 days, and then again by another 14 days.

In total, the entire nation spent around 68 days under stringent lockdown. Such an unexpected move threw off almost all businesses as they were left completely unprepared. This directly led to a host of both small and big businesses closing down due to heavy losses. In addition to this, many people suffered from either a partial loss of income or in some cases, a complete loss of income due to layoffs.


Increasing need for life insurance


During the pre-COVID era, many individuals were looking for answers to basic questions like "What is life insurance?" and "What are the benefits of life insurance?" This signified the lack of awareness about insurance. Here is where the COVID-19 pandemic changed the course of things. It not only single-handedly made individuals understand the benefits of life insurance, but also encouraged them to think about investing in one.

Although the lockdowns have now been lifted, the threat of contracting coronavirus due to in-person interactions have put individuals who understand the benefits of life insurance and wish to purchase them in a spot. If you are one among them, here is how you can purchase life insurance during this pandemic.


How to buy life insurance during the pandemic?


Since COVID-19 spreads through the air via droplets, it is essential to restrict close human interactions. With purchasing life insurance through physical branches may not be preferred due to the COVID 19 outbreak; the safer and more convenient option is to purchase it online.

However, there are branches which have started opening in many locations where digital services are offered keeping in mind the social distancing guidelines that the government has imposed during these COVID 19 times.

Over the past few years, insurance companies have stepped up their efforts to go digital. By leveraging technology and the internet, insurers are now able to provide most of their services through online means. The Smart Assist app by Bajaj Allianz Life is one such initiative, which assists buyers during their journey screen sharing*.

With solutions like these, all that you have to do to purchase a life insurance plan amidst this raging pandemic is log into your insurer’s website, choose the right plan according to your needs, fill an online application form, submit necessary documents and make the premium payment online. Once you have purchased the plan of your choice and your policy is issued, your insurer will send you a soft copy of the policy document to your registered email ID.


What are the benefits of buying life insurance online?


By purchasing a life insurance plan online, you get to enjoy a host of advantages. Here is a brief look at some of them.

1. You get to choose between multiple plans by comparing their features and benefits.

2. The purchase process is quick, easy, and hassle-free.


If you buy a life insurance plan now, will it include a cover for COVID-19?

The answer to this question is a resounding yes. You do not have to go searching for dedicated coronavirus life insurance plans since all life insurance plans that you purchase cover COVID-19 related deaths along with any other additional benefits that the plan might possess. However, keep in mind that if you have contracted the disease between the time of your insurance application and its issuance, your application might be withheld or even denied by the insurers, subject to underwriting conditions of the Insurer.




Therefore, you see how easy it is to buy life insurance during the pandemic. The insurance industry has also embraced digital solutions, making it easier for potential policyholders to purchase the plan of their choice from the comfort of their homes.



*The purpose of this application is to provide digital assistance to customer keeping in view the social distancing norms and customer safety to be maintained due to the COVID 19 pandemic.

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~Tax benefits as per prevailing Income tax laws shall apply. Please check with your tax consultant for eligibility.

The above information is for general understanding and is meant to educate the general public at large. The reader will have to verify the facts, law and content with the prevailing tax statutes and seek appropriate professional advice before acting on the basis of the above information. 


*Tax benefits as per prevailing Section 10(10D) and Section 80C of the Income Tax Act shall apply. You are requested to consult your tax consultant and obtain independent advice for eligibility before claiming any benefit under the policy.

~Individual Death Claim Settlement Ratio for FY 2023-2024

1Premium Holiday has to be selected at inception to avail this benefit and also depends on other policy terms & conditions

Bajaj Allianz Life Insurance Co. Ltd. | IRDAI Reg. No. 116

Terms & Conditions

I hereby authorize Bajaj Allianz Life Insurance Co. Ltd. to call me on the contact number made available by me on the website with a specific request to call back. I further declare that, irrespective of my contact number being registered on National Customer Preference Register (NCPR) or on National Do Not Call Registry (NDNC), any call made, SMS or WhatsApp sent in response to my request shall not be construed as an Unsolicited Commercial Communication even though the content of the call may be for the purposes of explaining various insurance products and services or solicitation and procurement of insurance business


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%%Above illustration is for Bajaj Allianz Life eTouch- A Non Linked, Non-Participating, Individual Life Insurance Term Plan (UIN: 116N172V03) considering Male aged 25 years | Non-Smoker | Policy Term (PT)– 30 years | Premium Payment Term (PPT) – 30 years | Sum Assured opted is Rs. 1,00,00,000 | Online Channel | Standard Life | 1st Year Premium is Rs. 6,238. 2nd Year onwards premium is Rs. 6,659. Total Premium Paid is Rs. 1,99,349 | Medical Rates | Yearly Premium Payment Mode | Death benefit opted is lumpsum payout and monthly installments (Lumpsum Payout Percentage : 45, Income Payout Percentage : 55) | Premium shown above is exclusive of Goods & Service Tax/any other applicable tax levied, subject to changes in tax laws, and any extra premium and is for illustrative purpose only. This is inclusive of all the discounts mentioned above.

##Tax benefits as per prevailing Section 10(10D) and Section 80C of the Income Tax Act shall apply. You are requested to consult your tax consultant and obtain independent advice for eligibility before claiming any benefit under the policy.Above Tax benefit is calculated considering deduction of Rs. 150,000 and applicable tax rate of 31.20%.

@Term Insurance plan bought online directly from Bajaj Allianz Life Insurance has no commissions involved.

^^The Return of Premium amount is total of all the premiums received, exclusive of extra premium, rider premium and GST & /any other applicable tax levied, subject to changes in tax laws
Bajaj Allianz Life Insurance Co. Ltd. | IRDAI Reg. No. 116

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